Ginnie Mae published guidance for issuers on the transition of all outstanding HECM Mortgage-Backed Securities tied to the London Interbank Offered Rate (LIBOR) to the Secured Overnight Financing … more Ginnie Mae Issues LIBOR Transition Guidance
HUD
FHA Seeks Feedback On Draft Mortgagee Letter Related to HECM Borrower Payments
The Federal Housing Administration published a draft mortgagee letter on the Single-Family Drafting Table that would improve FHA’s ability to make prompt payments in the event of mortgagee … more FHA Seeks Feedback On Draft Mortgagee Letter Related to HECM Borrower Payments
FHA Finalizes Policies to Expedite HECM Assignments
The Federal Housing Administration published Mortgagee Letter 2023-10 to allow for faster payment of funds to mortgagees when they assign a Home Equity Conversion Mortgage to HUD. Effective immediately, ML 2023-10: … more FHA Finalizes Policies to Expedite HECM Assignments
Financial Assessment Is Working (Part VII)
Financial Assessment is still working. Now in its ninth year, FHA’s policy of requiring the financial assessment (FA) of borrowers’ ability to pay has helped cut tax and … more Financial Assessment Is Working (Part VII)
HUD Selling Vacant Properties Once Backed by HECMs
The Department of Housing and Urban Development announced in the Federal Register this week that it will be selling 1,237 reverse mortgage notes secured by vacant properties with … more HUD Selling Vacant Properties Once Backed by HECMs
HUD Publishes Final Rule On LIBOR Transition
The Department of Housing and Urban Development published Mortgagee Letter 2023-09, which implements the Department’s final rule published on March 1 that governs the transition away from the … more HUD Publishes Final Rule On LIBOR Transition
HUD Awards $15M in Grants to Help Older Homeowners Age in Place
Through its Older Adults Home Modification Program, the Department of Housing and Urban Development awarded $15 million to local non-profits to pay for home modifications and repairs that … more HUD Awards $15M in Grants to Help Older Homeowners Age in Place
NRMLA Submits Comments in Support of ADU Proposal
NRMLA, with input from the HUD Issues Committee, submitted comments to the Department of Housing and Urban Development that support a draft proposal to allow income from Accessory … more NRMLA Submits Comments in Support of ADU Proposal
FHA Seeks Feedback on Allowing ADU Income to Qualify for HECMs
The Federal Housing Administration is proposing to allow income from an Accessory Dwelling Unit (ADU) to be used in the assessment of a borrower’s qualifying income for purposes … more FHA Seeks Feedback on Allowing ADU Income to Qualify for HECMs
NRMLA Suggests Ways to Improve HECM Assignment Process
In comments submitted to the Department of Housing and Urban Development this week, NRMLA offered recommendations to make the assignment process for HECM reverse mortgages more efficient and … more NRMLA Suggests Ways to Improve HECM Assignment Process
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